Inflation accelerated for a second straight month in August, reversing previous declines as consumers continued to grapple with the rising cost of everyday goods.
The Labor Department said Wednesday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 0.6% in August from the previous month, in line with estimates. It marked the steepest monthly increase this year, underscoring the challenge in taming high inflation.
Prices climbed 3.7% from the same time last year, faster than both the 3.2% reading in July and the 3.6% estimate from Refinitiv economists.
Other parts of the report also pointed to a slower retreat for inflation. Core prices, which exclude the more volatile measurements of food and energy, climbed 03% and 4.3% annually. While both of those figures are lower than previous readings, the monthly core measure climbed faster than expected.
